WV weekly fuel update and outlook

Average retail gasoline prices in West Virginia have fallen 2.1 cents per gallon in the past week, averaging $2.20/g on Nov. 7, according to GasBuddy’s daily survey of 1,154 gas outlets in West Virginia. This compares with the national average that has increased 0.5 cents per gallon in the last week to $2.21/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in West Virginia during the past week, prices Nov. 7 were 1.6 cents per gallon higher than the same day one year ago and are 7.9 cents per gallon lower than a month ago. The national average has decreased 5.2 cents per gallon during the last month and stands 1.1 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on Nov. 7 in West Virginia have ranged widely over the last five years: $2.18/g in 2015, $3.03/g in 2014, $3.31/g in 2013, $3.58/g in 2012 and $3.45/g in 2011.

Areas nearby West Virginia and their current gas price climate: Pittsburgh – $2.43/g, up 1.5 cents per gallon from last week’s $2.41/g; Charleston – $2.20/g, down 1.2 cents per gallon from last week’s $2.21/g; Virginia – $2.05/g, down 1 cent per gallon from last week’s $2.06/g.

“If there’s one thing to be excited about for November it’s that gas prices in the last five of them have not risen nationally. Better yet, over the same timeframe, gas prices nationally have averaged a modest 12 cent decline from start to finish. And while there may be more excitement as America heads to the polls this week, it’s important to dispel the myth: presidential elections do not affect gas prices,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

“Whomever is our next Commander-in-Chief, we could see a change to previous energy policy which could have a negligible impact on gasoline prices, but more focus will be on OPEC’s coming decision to follow through on cutting oil output. Skepticism that OPEC won’t agree to a cut in production continues to prevail, with West Texas Intermediate crude oil closing last week at $44.07 per barrel, the lowest since Sept. 20,” DeHaan added.